Notice2024-22434
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Employee Retirement Income Security Act of 1974 Technical Release 1991-1
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 1, 2024
Issuing agencies
Labor Department
Abstract
The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA). Public comments on the ICR are invited.
Full Text
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<title>Federal Register, Volume 89 Issue 190 (Tuesday, October 1, 2024)</title>
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[Federal Register Volume 89, Number 190 (Tuesday, October 1, 2024)]
[Notices]
[Pages 79961-79962]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-22434]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Employee Retirement Income Security Act of
1974 Technical Release 1991-1
ACTION: Notice of availability; request for comments.
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SUMMARY: The Department of Labor (DOL) is submitting this Employee
Benefits Security Administration (EBSA)-sponsored information
collection request (ICR) to the Office of Management and Budget (OMB)
for review and approval in accordance with the Paperwork Reduction Act
of 1995 (PRA). Public comments on the ICR are invited.
DATES: The OMB will consider all written comments that the agency
receives on or before October 31, 2024.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#9aded5d6c5cac8dbc5cacfd8d6d3d9dafef5f6b4fdf5ec"><span class="__cf_email__" data-cfemail="9bdfd4d7c4cbc9dac4cbced9d7d2d8dbfff4f7b5fcf4ed">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 101(e) of ERISA establishes notice
requirements that must be satisfied before an employer may transfer
excess assets from a defined benefit pension plan to a retiree health
benefit account, as permitted under the conditions set forth in section
420 of the Internal Revenue Code of 1986, as amended (the Code).
The notice requirements of ERISA section 101(e) are two-fold.
First, subsection (e)(1) requires plan administrators to provide
advance written notification of such transfers to participants and
beneficiaries. Second, subsection (e)(2)(A) requires employers to
provide advance written notification of such transfers to the
Secretaries of Labor and the Treasury, the plan administrator, and each
employee organization representing participants in the plan. Both
notices must be given at least 60 days before the transfer date. The
two subsections prescribe the information to be included in each type
of notice and further give the Secretary of Labor the authority to
prescribe how notice to participants and beneficiaries must be given,
and how any additional reporting requirements are deemed necessary.
On May 8, 1991, the Department published ERISA Technical Release
91-1, to provide guidance on how to satisfy the notice requirements
prescribed by ERISA section 101(e). The Technical Release made two
changes in the statutory requirements for the second type of notice.
First, it required the notice to include a filing date and the intended
asset transfer date. Second, it simplified the statutory filing
requirements by providing that filing with the Department of Labor
would be deemed sufficient notice to both the Department and the
Department of the Treasury as required under the statute. For
additional substantive information about this ICR, see the related
notice published in the Federal Register on February 5, 2024 (89 FR
7732).
Comments are invited on: (1) whether the collection of information
is necessary for the proper performance of the functions of the
Department, including whether the information will have practical
utility; (2) the accuracy of the agency's estimates of the burden and
cost of the collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility and clarity of the information collection; and (4) ways to
minimize the burden of the collection of information on those who are
to respond, including the use of automated collection techniques or
other forms of information technology.
This information collection is subject to the PRA. A Federal agency
generally cannot conduct or sponsor a collection of information, and
the public is generally not required to respond to an information
collection, unless the OMB approves it and displays a currently valid
OMB Control Number. In addition, notwithstanding any other provisions
of law, no person shall generally be subject to penalty for failing to
comply with a collection of information that does not display a valid
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
DOL seeks PRA authorization for this information collection for
three (3) years. OMB authorization for an ICR cannot be for more than
three (3) years without renewal. The DOL notes that information
collection requirements submitted to the OMB for existing ICRs receive
a month-to-month extension while they undergo review.
Agency: DOL-EBSA.
Title of Collection: Employee Retirement Income Security Act of
1974 Technical Release 1991-1.
OMB Control Number: 1210-0084.
Affected Public: Private sector, Business or other for profits.
Total Estimated Number of Respondents: 14.
Total Estimated Number of Responses: 119,718.
Total Estimated Annual Time Burden: 4,011 hours.
Total Estimated Annual Other Costs Burden: $3,744.
[[Page 79962]]
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-22434 Filed 9-30-24; 8:45 am]
BILLING CODE 4510-29-P
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